The new tax, to be detailed in the upcoming budget, comes on the heels of a new "pied-à-terre" tax in the state and city's effort to increase revenue from real estate.
State lawmakers plan to create a new, first-of-its kind tax on New York City homes worth more than $1 million and purchased with cash, Forbes reports, citing Bloomberg. The NYC tax alone, which may also expand to elsewhere in the state to incorporate the suburbs and upstate New York, could generate up to $160 million.
"The new tax is the latest move out of New York to improve the city’s budget through property tax hikes, as New York City Mayor Zohran Mamdani and Hochul are also trying to push through a pied-à-terre tax on secondary homes worth $5 million or more in the city," according to Forbes.
More details will come in the finalized state budget, set to be complete by the end of May.
Read the full story: New York Lawmakers Planning First-Of-Its-Kind Tax On $1 Million Homes Purchased With Cash, Report Says
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